Calgary Office Market Report

2022 Q3

What’s the scoop?

Market buoyancy and positive trends

A re-invigorated leasing market coupled with continued strength in the energy sector has brought Calgary’s office sector back on the positive side of market trends in Q3.

With positive absorption of approximately three hundred thousand square feet, the city-wide office market has now experienced four consecutive quarters of positive absorption activity.

Vacancy rates have begun to flatten and trend downwards as more employees returned to the office at the beginning of the Fall season.

According to Avison Young’s Vitality Index, office foot traffic counts remain below pre-pandemic levels. Calgary’s office recovery levels, however, continue to out-pace its Canadian peers.
23.9%

Overall vacancy rate

Down 2.2% since Q3 2021
27.5%

Overall downtown vacancy rate

Down 2.4% since Q3 2021
15.0%

Overall Class AA Vacancy Rate

Down 2.8% since Q3 2021
314,442

square feet positive overall absorption

Q3 2022
185,892

square feet positive downtown absorption

Q3 2022
4

Quarters of positive absorption

in the overall market
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Your source for the latest Calgary office market reports

Get in-depth office market reports and insights from commercial real estate experts in the Greater British Columbia area. Avison Young advisors look at Calgary commercial real estate activities and the latest Calgary statistics to provide you expert market research on Calgary's office properties.

Explore different topics like the latest office market pricing trends and analysis of Calgary's current office real estate market conditions. Gain a better understanding of Calgary’s office real estate outlook and stay ahead of current office space trends. Make smart decisions when it comes to investing in office properties in Calgary's competitive office real estate market. Avison Young is your trusted source for commercial real estate office market insights in Calgary.

The dashboard was delivered through AVANT by Avison Young: leveraging real-time data and analytics to make cities and location-based decisions more transparent and efficient. Learn more about AVANT.

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